The Solana (SOL) price has experienced a significant downturn, falling more than 56% from its all-time high of $294 recorded in January. Despite multiple recovery attempts, each bounce has been quickly sold off, leading to steeper declines and adversely affecting the broader Solana meme coin landscape.
Crypto analyst Paradise_Noir on TradingView highlighted that the Solana price is being suppressed by the Ichimoku Cloud, with the altcoin trapped in a descending wedge pattern. This technical setup has resulted in lower lows and a bearish trend, exacerbated by large capital outflows from Solana, particularly between October and November. Any breakout attempts have been rejected by the Ichimoku Cloud, increasing the risk of a 20% crash to the psychological support level of $100.
Analysis firm MakroVision reinforced the weak technical outlook, noting that Solana remains in a tense market environment with a fragile short-term structure. Key support lies in the $126-$128 range, and a break below this could trigger deeper corrections. For a bullish reversal, Solana must break above $145 in the short term or $159 to confirm an uptrend, potentially targeting $188 and above. Until then, the medium-term trend is downward, and investors are advised to follow the downtrend and avoid catching bottoms without clear reversal signals.
